Flame Retardants Market to Garner USD 12,931.5 Million Revenue by 2025 at 6.76% CAGR, Predicts Market Research Future (MRFR)
Pune, India, February 11, 2021 (GLOBE NEWSWIRE) – Global Flame Retardants Market Overview:
Market Research Future (MRFR) researched that the global flame retardant market could grow 6.76% CAGR. Upon completion of the projected term of office, the global flame retardant market can be valued at USD 12,931.5 million.
Expansion of the construction sector to determine market growth
The flame retardant market can see significant growth during the evaluation period due to the great utility of the product. The increasing use of flame retardants in various end-use industries, such as Transportation, construction, textiles, electronic devices and consumer goods can all contribute to the recovery of the market. The increase in construction activity in emerging economies as government investments in various infrastructure development projects and commercial constructions may favor market growth. The escalation of different people’s spending per capita may fuel market growth in the years to come. In addition, the rise in fire incidents, leading to the enforcement of improved safety standards for flame retardants in the construction sector, can also improve the dynamics of the flame retardant market.
Automotive sector affects flame retardant market
The increase in demand for plastic components in the growing automotive sector to reduce the weight of vehicles may fuel the boom in the flame retardant market. Since plastics are very fire-prone, flame retardants are incorporated into vehicle seats and other interior parts of the vehicle. On the contrary, a tightening of the regulations for the enforcement of conventional flame retardants could hamper the market recovery in the coming years. However, the growing utility of recyclable halogen-free flame retardants and the rise in plastics manufacturing may offer lucrative opportunities for the global flame retardant market during the evaluation period.
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The segment study of the global flame retardants market is conducted by application, type and resin.
Non-toxic halogen-free flame retardants for high sales
The type-based segments of the global flame retardant market are halogenated flame retardants and non-halogenated retardants. The non-halogenated segment can hold over 60% of the global market by 2025. The segment can thrive at 7% CAGR over the analysis period as the preference for humans over non-toxic halogen-free flame retardants increases. In addition, enforcing strict regulations for various conventional flame retardants can strengthen the segment.
The resin-based segments of the global flame retardant market include polypropylene, polyethylene, epoxy, polyvinyl chloride, unsaturated polyester, styrenes, rubber, and engineering thermoplastics. The polyethylene segments can secure the highest share in the world market. The segment can thrive because of polyethylene’s versatile physical properties such as high strength, toughness, and stiffness. In addition, the increasing demand for flame retardant polyethylene in the manufacture of automotive components and building and construction solutions is another important reason for the segment’s expansion in the coming years. The polyethylene segment can have a CAGR of 8% between 2019 and 2025 and earn about $ 3,500 million by 2025.
The application-based segments of the global flame retardant market include electrics and electronics, construction, transportation, and textiles. The building and construction segment can hold the largest market share in the years to come. The increase in remediation activities in Indonesia, China and India; Increasing government investment in the development of multiple infrastructures can help the segment expand. The widespread use of polymers in the construction industry can facilitate market expansion. According to the MRFR study, the market for flame retardants may increase by 7.5% CAGR in the study period from 2019 to 2025.
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Key Players Locking Horns:
The worldwide market for flame retardants is characterized by the existence of numerous local, global and regional suppliers. These prominent players in the global Flame Retardant Market employ numerous strategies such as: Alliances, expansion, joint ventures, mergers and acquisitions and expansion to gain a foothold worldwide. The increasing geographic presence of certain companies as well as product launches can help create a competitive advantage over others. Multiple players are employing robust growth strategies to get maximum market share.
Some of the reputable companies in the flame retardant market that are listed by MRFR are:
- BASF SE
- Nabaltec AG
- RTP Company
- Celanese Corporation
- Kisuma Chemicals
- Greenchemicals SpA
- Amfine Chemical Corporation
- Akzo Nobel NV
- Italmatch Chemicals SpA,
- JM Huber Corporation
The identification of regional growth pockets of the global Flame Retardants market is studied for North America, Asia Pacific, Middle East and Africa, Europe and Latin America.
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Increase in apartments for nuclear families in favor of APAC and EU market
In the Asia-Pacific region, the flame retardant markets may thrive due to the increase in construction activity due to the increased need for core family homes. According to the MRFR study, the flame retardant market in APAC can thrive at 7.5% CAGR by 2025. The increase in the use of flame retardants in the electrical, consumer electronics and automotive industries can support the expansion of the regional market. In North America, increases in per capita spending on various infrastructure developments by individuals and governments may in the near future benefit the regional market. An MRFR study suggests that the EU market for flame retardants may increase by 5.5% CAGR during the analysis period. In North America, the market is expected to hold around 20% of the world market. By 2025, the flame retardant market can grow by almost 6% CAGR.
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